The New Orleans Saints have the best odds to win the 2019 Super Bowl.
DraftKings is launching its first-ever Sports Betting National Championship, which offered a $2.5 million prize pool and a $1 million grand prize. Even better, the Sports Betting National Champion looks like it is going to have an overlay.
Those not familiar with sports betting terms should note that “overlay” is one of a bettors’ favorite words. An overlay boosts the odds for the bettor, often to the point they face a positive expectation.
In this case, it means that fewer gamblers joined the event than expected, so the amount of guaranteed money exceeds the risk involved. It would be akin to entering a $100 raffle by buying a $1 ticket, but having only 30 entries in the contest. While an overlay does not assure victory, it means the bettor’s expected return (or return-to-player) is excellent.
As one might expect, DraftKings is using the possibility of an overlay to hype the Sports Betting National Championship, hoping to draw more entries by the time wagering on the event ends.
Sports Betting National Championship’s Overlay
Jon Aguiar, the Senior Product Manager for DraftKings, tweeted his synopsis of the contest: “Approximately 100 entries in the Sports Betting National Championship with 1 week to go. 500 are needed to meet the guarantee. This was a VERY aggressive guarantee for a brand new event and is unlikely to be met.”
“Should be a LOT of value out there. dksbnc.com.”
As of Monday, the number of entries had risen to 140, due to a number of qualifiers on contests involving the NFL playoffs’ wild card round.
About the Sports Betting National Championship
The Sports Betting National Championship event is inspired by DraftKings’ DFS live finals, which it has organized in daily fantasy football the past few years. Only high rollers can enter, because of a $10,000 buy-in to enter the Sports Betting National Championship.
The entry period ends on January 11. In the meantime, those with the financial resources and decent confidence in their sports betting skills likely will enter. While bettors can expect to see more than the current 140 total in the final field, it is not likely to reach 500 — or anywhere near 500.
DraftKings is likely to take a bath on the Sports Betting National Champsionship, which might mean this is a one-of-a-kind chance on a $1 million jackpot prize.
Qualifiers for the Sports Betting National Championship
A group of qualifiers received the deal of their lives. To qualify for the event without spending $10,000, some DraftKings customers were able to win entry by having the best results on the first 1/4th of the NBA season.
Others won their way into the Sports Betting National Championship through the NFL Wild Card Round of the playoffs last weekend. In either case, entries can expect to find a mixture of high rollers and skilled (or lucky) sports bettors.
Sports Betting National Championship Rules
The rules are interesting. Each contestant receives a $5000 bankroll for the event. Mandatory wagering takes place over three days: Friday, Saturday, and Sunday. Betting closes at the kickoff of the second NFL division round game on Sunday (Eagles @ Saints).
At least $1000 must be wagered on Friday and Saturday, while $2000 must be wagered on Sunday events. That allows players to allot the remaining $1000 between the three days as they see fit. All kinds of wagers can be played: straight bets, parlays, and fantasy prop bets.
All wagers on Sunday must involve the two NFL divisional playoff games (Chargers @ Patriots, Eagles @ Saints). Games on Friday and Saturday can be from any sports bets offered by DraftKings, including the two NFL divisional games on Saturday (Cowboys @ Rams, Colts @ Chiefs).
How to Win DraftKings’ Sports Betting National Championship
The player with the biggest bankroll at the end of the weekend wins the $1 million jackpot prize. The remaining leaderboard will be comprised of those with the next-best bankrolls.
The guaranteed prize pool is $2.5 million. For every entry over 531, another $4,700 will be added to the prize pool (though increases are not likely). The event is single-entry, so no doubling down. A maximum of 1,000 entries are allowed, though that total is unlikely.
Whatever the case, all players take home their bankroll at the end of the weekend. Even if you don’t win prize money on the contest, you’ll still be able to pocket your stake (which wasn’t lost) and any winnings you collect. Those that kept their leaderboard eligibility also win that stake.
For those with the means to play, the Sports Betting National Championship is a chance to pit one’s skill and luck against a couple of hundred other bettors. Even better, DraftKings’ first-ever million-dollar sports betting contest has much better odds than you’ll find on most wagers over this weekend of NFL football.
